In announcing the financial results for the first quarter of 2024, the Chief Executive Officer of Thai Optical Group Public Company Limited (TOG), Mr. Torn Pracharktam revealed that TOG had achieved a total sales and service revenue of 845 million Baht, constituting an increase of 125 million Baht from the previous year, or an increase of 17%. Net profit was at 112 million Baht, representing a decrease of 1 million Baht from the previous year, which is a decrease of 1%. The cost-to-revenue ratio from sales and services decreased slightly, from the previous year, and administrative expenses also dropped, due to changes in sales support conditions.
At the beginning of 2024, TOG officially launched its new prescription lens production line, ‘Rx Automation’, according to plan. In turn, it is expected that production will increase revenue by approximately 10–12%, helping to meet demand from new customers in Asia and America, as well as opportunities from the existing customer base. Concurrently, the company is also aiming to expand operations into new markets, in the Middle East, Africa and Latin America.
Both U.S. and European economies face high uncertainty, in terms of energy and food prices, causing a global surge in the cost of living. Worldwide demand is increasing rapidly, whilst supply constraints and shortages of both labor and production input persist. The European Union's economic conditions are declining, and the U.S. economy began to slow down in the first quarter of 2024, due to consumer spending factors, as well as the impact of increasingly strict monetary policies, amid rising real interest rates. These factors continue to pose risks to U.S. economic recovery. Meanwhile in the East, China is showing signs of improvement, in both manufacturing and consumption, due to economic stimulus measures.